Banking & Fintech

EBA Guidelines on role and responsibilities of the AML/CFT compliance officer

On June 14, 2022, the European Banking Authority (EBA) published guidelines outlining the roles and responsibilities of the AML/CFT officer (AMLO) and the management of credit or financial institutions. The guidelines aim to ensure common interpretation and appropriate implementation of internal anti-money laundering and counter financing of terrorism (AML/CFT) governance arrangements across the European Union. The guidelines come into force on 1 December 2022.

New guidelines

The EBA guidelines set out expectations on the tasks of the AMLO and the management of credit or financial institutions, in particular describing:

  1. the role and responsibilities of the AML/CFT management body,
  2. the role and responsibilities of the AMLO and emphasize ensuring that there is a level of independence of the AMLO within the obliged institutions that entitles him to directly propose to the management body any necessary or appropriate measures to ensure compliance and effectiveness of AML/CFT related measures,
  3. the suitability requirements for the AMLO function,
  4. the organization of the AML/CFT entity at the entity group level, including the framework for reporting by AMLO, to enhance the operation of the group as a whole and not just the specific entity being reported on.

The EBA guidelines are in addition to but do not replace, the relevant guidelines issued by the EBA on broader governance and suitability controls.

Where is the Polish sanctions list available?

The EBA guidelines are available on the following website: https://www.eba.europa.eu/eba-publishes-guidelines-role-and-responsibilities-amlcft-compliance-officer

Questions or concerns – contact our law firm

Should you have any questions or doubts, we encourage you to contact our AML and Fintech Attorney.

Author team leader DKP Legal
check full info of team member: Aleksandra Walas

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